China's Xi promises tax cuts, other help to entrepreneurs

November 01, 2018 - 11:40 pm

BEIJING (AP) — President Xi Jinping has promised tax cuts and other help to Chinese entrepreneurs in a renewed effort to revive growth in the country's cooling, state-dominated economy.

Xi's comments, reported Friday by state media, follow a decline in Chinese economic growth to a post-global crisis low of 6.5 percent over a year ago in the latest quarter.

A tariff battle with President Donald Trump has added to pressure on communist leaders. But much of the decline is due to weakening domestic activity after Beijing clamped down on bank lending to rein in surging debt.

The comments appeared to be aimed at shoring up confidence among entrepreneurs who generate China's new wealth and jobs and investors in its slumping stock market.

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